Brookfield Property Partners and joint venture partner Qatar Investment Authority (QIA) have today announced the 100 per cent completion of the take-over of Canary Wharf Group, through the acquisition of Songbird Estates and the share capital of Canary Wharf Group not owned by Songbird.
The partnership originally launched the bid to take control of Canary Wharf Group late last year, but found their initial overtures unwelcome. Following an improved bid it was confirmed in February that the offer of 350p per share had become wholly unconditional.
Ric Clark, CEO of Brookfield, said: “We are extremely pleased to have completed the acquisition of Songbird and through it, Canary Wharf Group, with our joint venture partner QIA.
“Canary Wharf remains one of the most treasured property estates in the world. With the transaction now concluded, we look forward to working with QIA and the Canary Wharf Group management team to advance the substantial development pipeline and to realise the full potential of the site for our tenants, stakeholders and the people of London.”
Speaking on behalf of QIA, CEO H.E Sheikh Abdulla bin Mohammed Al Thani, echoed Clark’s comments, adding: “We are delighted that QIA and Brookfield have now concluded the acquisition of Songbird and Canary Wharf Group.
“We look forward to realising our partnership with Brookfield as long term investors, to support the management’s strategy of pursuing further expansion through the creation of a sustainable, mixed development comprising offices, homes as well as retail and leisure space.”
The partnership’s acquisition of Canary Wharf Group cost £2.6 billion. It is believed that Songbird’s shares will cease to trade on London’s AIM market from 7.00am on 23 April 2015.
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